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Forecast for October, 2015

EUR USD, “Euro vs US Dollar”

Nothing has changed in comparison with our forecast for September. After a long and significant decline in the impulse (A) of [Y], Eurodollar has formed the correction (B) of [Y], which is quite complicated, and started forming the descending impulse (C) of [Y]. This month, the price is expected to move downwards fast. At the same time, one shouldn’t forget about an alternative scenario, according to which the correction (B) of [Y] may be longer and more complicated.

The pair has formed two initial descending impulses in the wave (C) of [Y]. After another local correction, the market is expected to start a fast and significant decline to reach 1.05 at least.

GBP USD, “Great Britain Pound vs US Dollar”

The same as Eurodollar, the situation almost hasn’t changed over the month. After completing the correction (2) of [3], Pound is expected to continue falling in the wave (3) of [3] and reach new local lows (quite deep ones).

The pair has formed two initial descending impulses in the descending wave (3) of [3]. After another local correction, the market is expected to start a fast and significant decline in the wave [iii] of 1 of (3).

USD JPY, “US Dollar vs Japanese Yen”

The structure of the weekly chart has changed a little bit. Yen is expected to form the flat in the wave (2) of [5]. After finishing this pattern, the market is expected to start a fast and significant decline.

The situation with Yen is the most uncertain right now. The price is expected to complete the flat in the wave (2) of [5]: to do this, the pair must fall and reach 115.75 – 116.0. After completing this pattern, the market is expected to continue growing in the wave (3) of [5]. At the same time, an alternative scenario (colored in gray) implies that the price has already finished the wave (2) of [5] and may start a significant growth in the nearest future.

USD CAD, “US Dollar vs Canadian Dollar”

In case of Canadian Dollar, we’ve changed the structure on the weekly chart. Earlier we thought that the price was forming the large double zigzag[W]-[X]-[Y], but now we believe that it is forming the large ascending zigzag[A]-[B]-[C]. In the future, the market is expected to grow for a while and then start the horizontal correction 4 of (3) of [C].

In the nearest future, the market is expected to reach a new local high and grow in the wave (v) of [v] of 3. At the same time, an alternative scenario implies that the pair has already completed the wave [v] of 3 of (3) and may start the horizontal correction 4 of (3) of [C].

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.